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Watching Support At The 20-Day EMA

EURJPY TECHS
  • RES 4: 160.32 2.0% 10-dma envelope
  • RES 3: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 2: 158.72 2.00 proj of the May 11 - 29 - 31 price swing
  • RES 1: 157.12/158.00 High Jul 6 / High Jun 28 and the bull trigger
  • PRICE: 156.42 @ 06:53 BST Jul 10
  • SUP 1: 155.48/06 20-day EMA / Low Jun 23
  • SUP 2: 154.05 Low Jun 20
  • SUP 3: 153.09 Low Jun 16
  • SUP 4: 152.42 50-day EMA

The EURJPY uptrend remains intact and the latest move lower appears to be a correction - for now. This corrective phase has allowed an overbought trend condition to unwind and attention is on the next support at 155.48, the 20-day EMA. Clearance of this average would signal scope for a deeper retracement, towards the 50-day EMA, at 152.42. For bulls, clearance of 158.00, the Jun 28 high, would confirm a resumption of the uptrend.

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